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(For the year of ) Final Return of Tax Base and ...

Enforcement Rule of the income Tax Act [Form no. 40 (1)] <Revised Mar. 30, 2019> [Date of enforcement: Jan. 1, 2019.] - Real estate lease income statement pt. (Page 1 of 35)(For the year ) Final Return of Tax Base and Computation of Global income Tax, Special Tax for Rural Development and Local income Tax to be Paid A business taxpayer who is subject to simplified expense rate, has either business income from real estate lease business or business income from other businesses generated from a single business place, and does not keep books and instead files an estimated Return based on simplified expense rate shall use the form for taxpayers subject to single income and simplified expense rate (form no. 40 (4)). Where a business subject to simplified bookkeeping (excluding businesses commenced in the same taxable year and businesses with revenue of less than 48 million won in the immediately preceding taxable period) does not file a Return based on bookkeeping records, 20% of the calculated tax should be paid as penalty tax for non-bookkeeping.

(Page 3 of 33 Pages) Ref. No.-(For the year of )Final Return of Tax Base and Computation of Global Income Tax, Special Tax for Rural Development and Local

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1 Enforcement Rule of the income Tax Act [Form no. 40 (1)] <Revised Mar. 30, 2019> [Date of enforcement: Jan. 1, 2019.] - Real estate lease income statement pt. (Page 1 of 35)(For the year ) Final Return of Tax Base and Computation of Global income Tax, Special Tax for Rural Development and Local income Tax to be Paid A business taxpayer who is subject to simplified expense rate, has either business income from real estate lease business or business income from other businesses generated from a single business place, and does not keep books and instead files an estimated Return based on simplified expense rate shall use the form for taxpayers subject to single income and simplified expense rate (form no. 40 (4)). Where a business subject to simplified bookkeeping (excluding businesses commenced in the same taxable year and businesses with revenue of less than 48 million won in the immediately preceding taxable period) does not file a Return based on bookkeeping records, 20% of the calculated tax should be paid as penalty tax for non-bookkeeping.

2 Where a business subject to double-entry bookkeeping fails to file a Return using double-entry bookkeeping records, the larger of: 20% of the tax amount to be paid due to non-filing; and of gross revenue should be paid as penalty tax. Instructions on Filling Out the Return1. Fill out Basic Information on page 3. 2. Fill out Tax Agent. You must fill out this section if bookkeeping, tax adjustment, or preparation of tax Return was done by a tax agent.(For classification of Representation, choose just one of - .)3. Fill out the necessary income statements ( - ) on page 5 through 11. 4. Fill out Statement of Global income and Deduction of Deficit and Deficit Carried Forward and Statement of Deficit Carried Forward on page 13. (Do not fill out Statement of Deficit Carried Forward when there is no deficit carried forward.)5. Fill out Statement of income Deductions on page Fill out Statement of Tax Reduction/Exemption, Statement of Tax Credits and Statement of Reserves (fill out only the necessary statements) on page Fill out Statement of Penalty Tax and Statement of Prepaid Tax on page Fill out Computation of Tax on page 3.

3 [Before you do, fill in: Computation of Global income Tax (for taxpayers with financial income ) on page 23 if you have financial income ; Computation of Estimated income (for taxpayers subject to standard expense rate) on page 25 if you are calculating estimated income based on standard expense rate; Computation of Global income Tax (for dealers of housing, etc.) on page 27 if you are a real estate broker who has gains from sale of non-business purpose land in addition to global income ; or Computation of Global income Tax (for taxpayers with both financial income and gains from sale of housing, etc.) on page 29 if you have gains from sale of non-business purpose land in addition to financial income included in global income .]9. Fill out Bank Account for Tax Refund on page three. 10. If more space is needed, use a separate piece of The Return should bear the filer s name and signature or Do not fill out the shaded boxes.

4 Certificate of Receipt ( Final Return of Tax Base for Global income Tax for the Year )NameAddress Attachments1. Financial statement ( )2. income statement and supporting documents ( ) 3. Compound trial balance ( ) 4. Statement of adjustment ( )5. Report of deduction & tax credit from income ( ) 6. Claim for tax refund from deficit carryback ( )7. Application for tax credit and exemption pursuant to the Restriction of Special Taxation Act ( )8. Computation of income Based on Simplified Bookkeeping ( )9. Others ( )Received by(Date of receipt (Signature or seal)(page 2 of 35) Instructions on Filling Out - 1. In the title section, write the year for which the Return is filed and mark your residency, etc. in the table. 2. Alien reg. no.: Enter your alien registration number (passport number if you do not have an alien registration number).)

5 3. Type of Return : Mark the box that applies to you with a . The type of Return is classified according to the documents attached such as statement of tax adjustment, computation of income . If two or more types apply to you, mark just one, whichever comes first in the following order: , , , , , , . 4. Bank Account for Tax Refund: If you are qualified for a refund, write down your bank account number for receiving your refund. If the tax refundable is 20 million won or more, a report of opening (or change of) a bank account (Attached form 22 of the Enforcement Rules of the Framework Act on National Taxes) and a copy of your bankbook should be attached when filing this Return . 5. Tax Agent: If a tax agent kept your books, made your tax adjustment or prepared your tax Return , mark the applicable type of representation with a . 6.

6 Amount of global income : Enter the amount on Total (global income amount) from Statement of Global income and Deduction of Deficit and Deficit Carried Forward on page income deduction: From Statement of income Deductions on page 15, subtract Amount exceeding composite ceiling on income deduction from Sum of income deductions and enter the calculated amount. 8. Tax rate & Tax calculated: Refer to the tax rate table below and enter the applicable tax rate. In Tax calculated , enter the amount calculated by multiplying the tax base with the tax rate and subtracting the progressive deduction amount. If you have interest income or dividend income subject to global income taxation, use Computation of Global income (for taxpayers with financial income ) on page 23 to calculate the tax amount. If you are a real estate broker subject to Article 64 of the income Tax Act, use Computation of Global income Tax (for real estate brokers) on page 27.

7 If you are a real estate broker who has financial income , use Computation of Global income Tax (for taxpayers with financial income and gains from transaction of housing, etc.) on page 29. 9. Tax reduction/ exemption & Tax credit: Enter the amount on Total tax reduction/ exemption from Statement of Tax Reduction/Exemption on page 19 and Total tax credit from Statement of Tax Credits. 10. & Penalty tax: Enter the amount of penalty tax imposed pursuant to Articles 47-2 through 47-5 of the Framework Act on National Taxes and Article 81 of the income Tax Act. In , enter the amount on Total amount from Statement of Penalty Taxes on page 21. 11. & Recapture amount: Fill in Form no. 51 on computation of recapture amount and enter the amount on 4. Sum of Recapture of income Tax from the form in Recapture amount (and refund of Special Tax for Rural Development), and enter the refundable amount of Special Tax for Rural Development in.

8 12. & Tax prepaid: Enter the amount on and from Statement of Tax Prepaid on page 21. (Where there is income for which a flat tax rate for foreigners is applied, enter the sum of from Computation of Global income Tax (for foreign workers subject to special taxation) on page 33. 13. Total tax refundable or due: Subtract Tax prepaid from Total and enter the amount. If the amount is less than 0, tax is refundable, so fill in Bank Account for Tax & Tax subject to special treatment in payment: Where an executive, etc. of a venture business files an application for special treatment in payment with the withholding agent in respect to the gains on exercising his/her stock options, an amount equivalent to 4/5 of the income tax on such gains can be paid in installments. In this case, the executive, etc. should pay an amount equivalent to 1/4 of the amount of tax payable in installments each year over the four years following the taxable year in which the date of stock option exercise falls.)

9 If you are paying the amount of tax excluding tax to be paid in installments, enter the amount in . If you are paying the amount to be paid in installments over four years, enter the amount in . Tax to be paid in installments: If the amount of tax payable, calculated by subtracting from and adding to , exceeds 10 million won but is not over 20 million won, the amount in excess of 10 million won can be paid in installments within two months of the due date for tax payment. If the amount of tax payable is over 20 million won, the amount equivalent to or less than 1/2 of the tax payable can be paid in installments within two months of the due date for tax payment. If you intend to pay such amount in installments, enter the amount you wish to In Tax base, enter the amount on . In Tax rate, enter the local income tax rate based on the tax rate table below.

10 In Tax calculated, enter the amount of tax by multiplying the tax rate and the tax base and subtracting the progressive deduction amount. In and , enter the amount equivalent to 10/100 of the amount in and , in accordance with Article 167-2 of the Restriction of Special Local Taxation Act. In Penalty tax, enter the amount equivalent to 10/100 of in accordance with Article 99 of the Local Tax Act and Articles 53-2 through 53-4 of the Framework Act on Local Taxes. (When filing after the due date, reflect the reduction or exemption of penalty tax as prescribed by Article 54 of the Framework Act on Local Taxes.) In Recapture amount, enter the amount equivalent to 10/100 of , as prescribed by the Local Tax Act and the Restriction of Special Local Taxation Act. In Tax prepaid, enter the amount calculated by: subtracting the interim payment amount ( Interim tax payment from the Statement of Tax Prepaid on page 21) from Tax prepaid and multiplying 10/100.


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